Adani Total Gas Reports Significant Revenue and Profit Growth in Q1 FY2024

Adani Total Gas Ltd recorded a 9% rise in revenue for the April-June 2024 quarter, reaching Rs 1,237 crore. Net profit increased by 20%, and the company also expanded its CNG and EV infrastructure. Approval for a new geographical area in Punjab was obtained, promising future growth.

Adani Total Gas Ltd on Monday reported a notable 9% increase in its revenue from operations for the April-June 2024 quarter, totaling Rs 1,237 crore, compared to Rs 1,135 crore in the same period in 2023.

The company, a leading player in the city gas distribution sector, also announced a 20% rise in net profit, reaching Rs 177 crore, up from Rs 148 crore in the previous year. EBITDA saw a 21% boost, standing at Rs 308 crore for the quarter.

The company has expanded its CNG stations to 559, adding 12 new locations, and now serves 8.58 lakh homes with piped natural gas, adding 38,165 new connections during the quarter. Adani Total Gas received regulatory approval to transfer the Letter of Authorization for the Jalandhar geographical area, a high-volume growth opportunity in Punjab.

Adani Total Gas has also ramped up its EV charging infrastructure, commissioning 1,212 charging points across 15 states, with an additional 740 points under construction. CEO Suresh P Manglani emphasized the company's commitment to sustainable energy and its role in the country's energy transition.

The company is authorized in 34 Geographical Areas and is pivotal in increasing the share of natural gas in India's energy mix. It operates 34 out of 53 GAs, with the remaining 19 managed by Indian Oil-Adani Gas Private Limited, a joint venture with Indian Oil Corporation Limited. (ANI)